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market behaviour rather than advice on the securities mentioned. Do not
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UBS upgrades to Neutral from Sell, suspecting the de-rating in the share price is complete. As the stock now factors in a stronger Brazilian real the risks appear balanced to the broker.

Nevertheless, as Australian investors have considerable choice locally, the broker believes the company's single asset exposure and currency risks are likely to keep some on the sidelines until the exposure to the real is reduced. Target is reduced to $0.23 from $0.24.

Target price is $0.23 Current Price is $0.21 Difference: $0.02If BDR meets the UBS target it will return approximately 10%(excluding dividends, fees and charges).

Macquarie observes the headwinds in the first half appear to be continuing, given ongoing competition across various channels. The broker suspects the decision to introduce a third "no sugar" cola into the Australian market is overly ambitious.

The company has also lost the Domino's ((DMP)) Australian contract from September. The broker notes the medium term outlook is complicated by potential adverse impacts from a container deposit scheme to be introduced in NSW this year and in Queensland and Western Australia next year.

Neutral retained. Price target is reduced to $9.29 from $9.79.

Target price is $9.29 Current Price is $8.91 Difference: $0.38If CCL meets the Macquarie target it will return approximately 4%(excluding dividends, fees and charges).

Macquarie forecasts a full year FY17 dividend of 44.10 cents and EPS of 54.20 cents.At the last closing share price the estimated dividend yield is 4.95%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.44.

Current consensus DPS estimate is 46.1, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 15.5.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 43.70 cents and EPS of 54.00 cents.At the last closing share price the estimated dividend yield is 4.90%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.50.

Current consensus DPS estimate is 46.9, implying a prospective dividend yield of 5.6%.

Current consensus EPS estimate suggests the PER is 15.0.

Market Sentiment: -0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates CCL as Equal-weight (3) -

The company has confirmed it has lost the Domino's Pizza ((DMP)) supply contract. Morgan Stanley estimates that drinks represent around 10% of Domino's Pizza Australian sales, or 0.9% of Coca-Cola Amatil's Australian revenue.

The broker does not believe the loss of the contract by itself is unmanageable but fears that it may provide a validation for smaller pizza operators to make the switch to Pepsi-Schweppes.

Woolworths ((WOW)) has also indicated it will not stock the company's "no sugar" brand. Morgan Stanley considers this to be supermarket rationalisation aimed at reducing complexity and cost as Aldi grows share.

Rating is downgraded to Underweight from Equal-weight. Target is reduced to $8.00 from $10.00. Cautious sector view.

Target price is $8.00 Current Price is $8.91 Difference: minus $0.91(current price is over target). If CCL meets the Morgan Stanley target it will return approximately minus 10%(excluding dividends, fees and charges - negative figures indicate an expected loss).

Morgan Stanley forecasts a full year FY17 dividend of 44.90 cents and EPS of 54.30 cents.At the last closing share price the estimated dividend yield is 5.04%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.41.

Current consensus DPS estimate is 46.1, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 15.5.

Forecast for FY18:

Morgan Stanley forecasts a full year FY18 dividend of 44.70 cents and EPS of 55.00 cents.At the last closing share price the estimated dividend yield is 5.02%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.20.

In a broader sense, Citi analysts remain positive about Challenger’s sales growth outlook, as well as earnings growth potential, but they also believe the shares are "fully valued". Neutral rating retained. Target price $12.35.

Target price is $12.35 Current Price is $13.08 Difference: minus $0.73(current price is over target). If CGF meets the Citi target it will return approximately minus 6%(excluding dividends, fees and charges - negative figures indicate an expected loss).

Citi forecasts a full year FY17 dividend of 34.50 cents and EPS of 69.60 cents.At the last closing share price the estimated dividend yield is 2.64%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.79.

Current consensus DPS estimate is 33.7, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 19.5.

Forecast for FY18:

Citi forecasts a full year FY18 dividend of 38.00 cents and EPS of 73.90 cents.At the last closing share price the estimated dividend yield is 2.91%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.70.

Morgan Stanley forecasts a full year FY17 dividend of 194.91 cents and EPS of 391.14 cents.At the last closing share price the estimated dividend yield is 1.42%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.03.

Current consensus DPS estimate is 179.9, implying a prospective dividend yield of 1.3%.

Current consensus EPS estimate suggests the PER is 34.0.

Forecast for FY18:

Morgan Stanley forecasts a full year FY18 dividend of 226.73 cents and EPS of 436.22 cents.At the last closing share price the estimated dividend yield is 1.65%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.41.

Mining is to be suspended at Andy Well as mining of the Wilbur and Judy lodes have demonstrated less extensive gold mineralisation than previously expected.

The company has been considering supplementing underground ore from Andy Well with open pit ore from the nearby Gnaweeda project but this is not a possibility until late FY18. The Deflector mine will now become the company's sole operation.

The suspension of operations at Andy Well comes as a surprise to Macquarie. Rating is downgraded to Underperform from Neutral. Target is reduced to $0.19 from $0.28.

Target price is $0.19 Current Price is $0.23 Difference: minus $0.035(current price is over target). If DRM meets the Macquarie target it will return approximately minus 16%(excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY17:

Macquarie forecasts a full year FY17 dividend of 0.00 cents and EPS of 7.10 cents.At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.17.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of 1.80 cents.At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.50.

Market Sentiment: -1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Box office numbers are weak, according to the latest industry data. Not just in Australia, but also in New Zealand and in Germany. In addition, price discounting seems to be forcing the whole industry into lower priced tickets in Australia.

Citi analysts are clearly worried, also because a revamped Hoyts seems to be grabbing more market share. It is Citi's long standing view that Hoyts now can offer a superior product at a comparable price to both Village Roadshow and Event Hospitality and Entertainment.

As risks are building for disappointment, Citi analysts have decided to downgrade Village Roadshow to Sell, and retain the Sell rating for Event. Target for Event falls to $10.65. Earnings estimates have been cut.

Target price is $10.65 Current Price is $13.04 Difference: minus $2.39(current price is over target). If EVT meets the Citi target it will return approximately minus 18%(excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY17:

Citi forecasts a full year FY17 dividend of 51.00 cents and EPS of 67.60 cents.At the last closing share price the estimated dividend yield is 3.91%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.29.

Forecast for FY18:

Citi forecasts a full year FY18 dividend of 51.00 cents and EPS of 66.60 cents.At the last closing share price the estimated dividend yield is 3.91%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.58.

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi forecasts a full year FY17 dividend of 53.00 cents and EPS of 53.70 cents.At the last closing share price the estimated dividend yield is 5.47%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.04.

Current consensus DPS estimate is 52.5, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 17.7.

Forecast for FY18:

Citi forecasts a full year FY18 dividend of 55.00 cents and EPS of 57.70 cents.At the last closing share price the estimated dividend yield is 5.68%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.79.

The company has terminated a second offtake agreement for Iron Hill but still expects to be able to sell into the spot market. The termination is based on a failure to comply with a fundamental part of the agreement on behalf of the purchaser.

Macquarie is disappointed by the loss of the two offtake agreements and suspects that the terms of sale may not have been as favourable as the original agreements.

Nevertheless, the broker values production from Extension Hill/Iron Hill at less than zero and believes Koolan Island is the main catalyst for the company.

Outperform maintained. Target is $0.40.

Target price is $0.40 Current Price is $0.34 Difference: $0.065If MGX meets the Macquarie target it will return approximately 19%(excluding dividends, fees and charges).

Credit Suisse increases its forecast for Stan following the recent rise in the price of a standard plan. The broker reduces Stan subscriber forecasts, expecting the price increase to result in higher churn.

The FY17 estimates for operating earnings are raised to $208m from $175m previously, to reflect the new $200-210m guidance range following the reduction in TV licence fees. Outperform rating and $1.50 target retained.

Target price is $1.50 Current Price is $1.40 Difference: $0.105If NEC meets the Credit Suisse target it will return approximately 8%(excluding dividends, fees and charges).

Credit Suisse forecasts a full year FY17 dividend of 10.50 cents and EPS of 13.25 cents.At the last closing share price the estimated dividend yield is 7.53%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.53.

Current consensus DPS estimate is 11.2, implying a prospective dividend yield of 8.1%.

Current consensus EPS estimate suggests the PER is 10.1.

Forecast for FY18:

Credit Suisse forecasts a full year FY18 dividend of 10.43 cents and EPS of 12.27 cents.At the last closing share price the estimated dividend yield is 7.48%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.37.

UBS believes the performance of the share price in the June quarter can only be attributable to weaker copper price expectations rather than a change of view about Carrapateena.

Nevertheless, Carrapateena is key to the longer-term outlook and there are areas of the investment community that are cautious about the asset, the broker notes. UBS retains a Buy rating and reduces the target to $10.00 from $10.40.

Target price is $10.00 Current Price is $7.47 Difference: $2.53If OZL meets the UBS target it will return approximately 34%(excluding dividends, fees and charges).

UBS forecasts a full year FY17 dividend of 8.00 cents and EPS of 62.00 cents.At the last closing share price the estimated dividend yield is 1.07%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.05.

Citi believes the spike in bond yields towards the end of June should reduce the negative liability adjustment for the business. Reflecting this move in liabilities, the broker lifts FY17 forecasts for earnings per share by 1.3%.

Neutral rating and $12.75 target retained.

Target price is $12.75 Current Price is $12.07 Difference: $0.68If QBE meets the Citi target it will return approximately 6%(excluding dividends, fees and charges).

Citi forecasts a full year FY17 dividend of 58.61 cents and EPS of 88.70 cents.At the last closing share price the estimated dividend yield is 4.86%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.61.

Current consensus DPS estimate is 57.6, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 14.7.

Forecast for FY18:

Citi forecasts a full year FY18 dividend of 70.59 cents and EPS of 109.20 cents.At the last closing share price the estimated dividend yield is 5.85%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.05.

Credit Suisse believes the recent weakness in the share price is based on uncertainty over environmental issues. The broker suspects the market has already factored in the FY18 margin outlook, although consensus estimates appear not to reflect this.

The broker has a cautious view, given an elevated risk profile, while valuation is considered reasonable as opposed to very cheap. Outperform retained. Target is reduced to $4.15 from $4.85.

Target price is $4.15 Current Price is $3.89 Difference: $0.26If TGR meets the Credit Suisse target it will return approximately 7%(excluding dividends, fees and charges).

Credit Suisse forecasts a full year FY17 dividend of 15.07 cents and EPS of 26.02 cents.At the last closing share price the estimated dividend yield is 3.87%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.95.

Current consensus DPS estimate is 15.3, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 12.7.

Forecast for FY18:

Credit Suisse forecasts a full year FY18 dividend of 17.03 cents and EPS of 30.87 cents.At the last closing share price the estimated dividend yield is 4.38%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.60.

Box office numbers are weak, according to the latest industry data. Not just in Australia, but also in New Zealand and in Germany. In addition, price discounting seems to be forcing the whole industry into lower priced tickets in Australia.

Citi analysts are clearly worried, also because a revamped Hoyts seems to be grabbing more market share. It is Citi's long standing view that Hoyts now can offer a superior product at a comparable price to both Village Roadshow and Event Hospitality and Entertainment.

As risks are building for disappointment, Citi analysts have decided to downgrade Village Roadshow to Sell, and retain the Sell rating for Event. Target for Village Roadshow falls to $3.85. Earnings estimates have been cut.

Target price is $3.85 Current Price is $4.00 Difference: minus $0.15(current price is over target). If VRL meets the Citi target it will return approximately minus 4%(excluding dividends, fees and charges - negative figures indicate an expected loss).

Ord Minnett forecasts a full year FY17 dividend of 4.00 cents and EPS of 39.00 cents.At the last closing share price the estimated dividend yield is 1.37%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.46.

Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 0.7%.

Current consensus EPS estimate suggests the PER is 7.0.

Forecast for FY18:

Ord Minnett forecasts a full year FY18 dividend of 12.00 cents and EPS of 40.00 cents.At the last closing share price the estimated dividend yield is 4.12%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.28.

RATING SUMMARY

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